- President Biden plans to outline his annual budget blueprint Thursday, which will serve as a starting point for spending negotiations between Republicans and Democrats.
- $5.8 trillion proposed for fiscal 2023, with focus on expanding the economy, lowering costs, reducing the deficit and protecting Social Security and Medicare.
- Budget includes plan to make Medicare's hospital-insurance fund solvent for at least two decades in part by raising Medicare tax rates for people earning more than $400,000 a year.
- White House upped the deficit-reduction figure to nearly $3 trillion over the next decade.
- GOP-controlled House is likely to balk at Biden's plans to spend billions of dollars to address climate change and boost social programs.
Biden’s Budget Proposal for 2024: What to Know
President’s budget blueprint Thursday will lay out his priorities for government spending, set stage for talks with Republicans
Andrew Restuccia and
/cloudfront-us-east-2.images.arcpublishing.com/reuters/RCWZE2OK3BNCJNRVFOS74NYF7M.jpg)
